EXAMINING BELIEF ADJUSTMENT MODEL AND INVESTORS OVERCONFIDENCE ON INVESTMENT DECISION MAKING
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Institusion
Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya
Author
MITA, DYAH ERAS
Subject
657.042 - FINANCIAL ACCOUNTING
Datestamp
2017-10-19 07:21:45
Abstract :
This research aims to examine whether there is a different judgment between the investor who receives good news followed by bad news and the one who receives bad news followed by good news information order in the Step by Step and the End of Sequence disclosure pattern by using accounting information type and non-accounting information type and overconfidence characteristics on investment decision making. This research is included to the experimental design by using a mixed design of between-subjects and within-subject design and classified as an experimental research which uses 2x2x2x2 method. To find the result, it conducts normality test, independent sample t-test, and Mann-Whitney U test using SPSS version 22. Participants used in this research are undergraduate business students in STIE Perbanas Surabaya who are studying and/or has completed investment management and/or financial statement analysis courses who will serve as non-professional investors. The results obtained in this research showed that recency effect occurred between the investor who receives good news followed by bad news and the one who receives bad news followed by good news in the step by step disclosure pattern, while there is no order effect occurred when the disclosure pattern used is the end of sequence. Key words: Step by Step, End of Sequence, Investment Decision, Overconfidence
This research aims to examine whether there is a different judgment between the investor who receives good news followed by bad news and the one who receives bad news followed by good news information order in the Step by Step and the End of Sequence disclosure pattern by using accounting information type and non-accounting information type and overconfidence characteristics on investment decision making. This research is included to the experimental design by using a mixed design of between-subjects and within-subject design and classified as an experimental research which uses 2x2x2x2 method. To find the result, it conducts normality test, independent sample t-test, and Mann-Whitney U test using SPSS version 22. Participants used in this research are undergraduate business students in STIE Perbanas Surabaya who are studying and/or has completed investment management and/or financial statement analysis courses who will serve as non-professional investors. The results obtained in this research showed that recency effect occurred between the investor who receives good news followed by bad news and the one who receives bad news followed by good news in the step by step disclosure pattern, while there is no order effect occurred when the disclosure pattern used is the end of sequence. Key words: Step by Step, End of Sequence, Investment Decision, Overconfidence
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